In the US, the consumer price report for February will probably show inflation rate picking up to a one-year high of 1.7 percent, moving closer to the US Federal Reserve's target of about 2 percent and adding to investors' concerns over a surge in borrowing costs. At the same time, the preliminary estimate of Michigan consumer sentiment for March will likely show a slight improvement in morale, helped by quickening vaccination rates and the prospect of additional stimulus from the government. Other notable publications include producer prices, JOLTs job openings, the government's monthly budget statement, and the final reading of wholesale inventories.
Elsewhere in America, Canada's central bank will probably leave interest rates at record-low levels when it meets on Wednesday. Important data to follow include Canada employment figures; Mexico inflation rate, consumer morale and industrial output; and Brazil retail trade, consumer confidence and consumer prices.
In the UK investors will turn their attention to monthly GDP figures, alongside industrial production, construction output and trade balance. Figures from the ONS are expected to show Britain’s economy slipped back into contraction in January, with industrial production down for the first time since April's record slump. Elsewhere, Bank of England governor Andrew Bailey is scheduled to speak at the Resolution Foundation on Monday.
Elsewhere in Europe, the European Central Bank will decide on monetary policy and release its latest macroeconomic projections, with investors looking for any sign of policy changes to support the economy amid rising bond yields. On the economic data front, updated figures for the Eurozone's fourth-quarter GDP will be available, as well as industrial production for Germany, France, Italy and Spain. Other key publications are Germany foreign trade and current account; Spain retail trade; Switzerland unemployment rate; Ireland inflation rate; and Turkey jobless rate, industrial production and retail sales.
In Asia, China will be publishing inflation data for February, with markets pointing to another decline in consumer prices and the largest increase in producer prices since November 2018. In addition, trade figures will provide an insight of the post-pandemic economic recovery, with exports and imports seen rising sharply in January-February.
Elsewhere, Japan's key data include the final reading of fourth-quarter GDP, current account, household spending, producer prices, and Eco Watchers Survey. Investors in Australia will turn their attention to NAB business confidence, Westpac consumer confidence, and the final reading of building permits. Reserve Bank of Australia governor Philip Lowe will be delivering prepared remarks on the monetary policy to the Australian Financial Review Business Summit.
Other highlights include: India inflation rate and industrial production; South Africa fourth-quarter GDP figures, current account, manufacturing and mining output; and New Zealand Business NZ PMI.